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Chandra Holt, once regarded as one of the most promising executives in American
retail, has found herself at the center of a corporate scandal involving her former
Walmart colleague—and reported former romantic partner—Ashley Buchanan.
Buchanan was abruptly fired this week as CEO of Kohl’s after the company accused
him of orchestrating a vendor deal riddled with "undisclosed conflicts of interest."
According to a Securities and Exchange Commission (SEC) filing, Buchanan
allegedly directed Kohl’s to enter into a multimillion-dollar contract with a vendor
under "highly suspicious" and "favorable" terms. While the filing did not name the
vendor or the individual involved, The Wall Street Journal identified the woman in
question as Chandra Holt.
A Sudden Fall for Kohl’s CEO
Ashley Buchanan, who took the helm at Kohl’s just five months ago, was
terminated "for cause"—a rare and severe rebuke in corporate America. The
decision followed an external investigation that found he had "violated company
policies by directing the company to engage in vendor transactions that involved
undisclosed conflicts of interest," Kohl’s said in a statement.
The company emphasized that Buchanan’s firing was "unrelated to the company’s
performance, financial reporting, or results of operations" and did not implicate
any other employees. Still, the abrupt dismissal has sent shockwaves through the
retail industry, raising questions about corporate governance and due diligence in
executive appointments.
Buchanan, a former CEO of arts and crafts retailer Michaels, was brought in to
revive Kohl’s struggling business. But his short tenure saw sales decline by as much
as 4.3%, according to preliminary earnings. His departure leaves Kohl’s in a
precarious position as it battles declining foot traffic, fierce online competition,
and a consumer spending pullback amid economic uncertainty.
Michael Bender, Kohl’s board chairman, will serve as interim CEO while the
company searches for a permanent replacement. Investors initially reacted
positively to the news, sending Kohl’s (KSS) shares up as much as 8% in trading.
Who Is Chandra Holt?
Chandra Holt’s connection to Buchanan has thrust her into an unwelcome spotlight.
A seasoned retail executive, Holt spent over a decade at Walmart, where she held
key leadership roles in e-commerce and merchandising. She was widely seen as a
rising star before leaving the company in 2021.
Holt’s career trajectory took a turn when she joined online furniture retailer Wayfair as senior vice president of merchandising, but she departed after less than a year. Her next move was to a lesser-known vendor company—now at the heart of the Kohl’s controversy.
Sources familiar with the matter say Holt and Buchanan had a prior professional and personal relationship, having worked together at Walmart. While the exact nature of their dealings in the Kohl’s vendor contract remains unclear, the undisclosed conflicts cited by the company suggest potential ethical breaches.
Neither Holt nor Buchanan has publicly commented on the allegations.
Another Crisis for Kohl’s
The scandal is the latest blow to Kohl’s, which has struggled to find stable leadership and a clear turnaround strategy. Activist investors have pressured the company to sell or make drastic changes, while competitors like Target and Amazon continue to dominate retail.
Neil Saunders, managing director of GlobalData Retail, called Buchanan’s firing a
"distraction that the company does not need and can ill afford."
"While the sacking is not related to performance, it gives the impression that Kohl’s
is in a perpetual state of chaos," Saunders said. "It also raises serious questions
about the due diligence behind his appointment."
For Chandra Holt, the fallout could have lasting repercussions on her once-stellar
career. Meanwhile, Kohl’s must now navigate yet another leadership crisis—one
that leaves its future more uncertain than ever.
The Scandal: Undisclosed Relationship and Vendor Deal
Ashley Buchanan, who became CEO of Kohl’s in January 2025, was terminated after
just over 100 days in the role. An internal investigation revealed that Buchanan
directed Kohl’s to engage in a multimillion-dollar consulting agreement with
Incredibrew, Holt’s company, under terms described as “highly unusual” and
favorable to the vendor. Crucially, Buchanan failed to disclose his prior romantic
relationship with Holt, violating Kohl’s ethics policies.
As a result, Buchanan was fired “for cause,” forfeiting all equity awards and required
to repay a portion of his $2.5 million signing bonus. Holt denied receiving any
compensation from Kohl’s related to the deal.
Impact on Kohl’s and Investor Reaction
Despite the leadership turmoil, investors responded positively to Buchanan’s
dismissal. Kohl’s stock rose nearly 10% following the announcement, reflecting
relief over the swift action taken by the board. The company also released better-
than-expected preliminary Q1 guidance, anticipating a smaller loss per share and a
4% to 4.3% drop in comparable sales, less severe than analysts predicted.
Michael Bender, Kohl’s board chair, has been appointed interim CEO as the
company searches for a permanent replacement. This marks the third CEO for
Kohl’s in as many years, highlighting ongoing challenges in stabilizing leadership
amid shifting consumer behaviors and competitive pressures.
New York Post
Chandra Holt’s trajectory from a high-ranking executive at Walmart to the founder
of Incredibrew and her involvement in the Kohl’s scandal underscores the
complexities of corporate governance and personal relationships in business. As
Kohl’s moves forward under interim leadership, the company faces the task of
rebuilding trust with stakeholders and steering the retailer back to stability.
